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This announcement is a positive encouragement to long-term saving. The reform will have the advantage of bringing greater clarity for all about the level of state support they can expect when they retire
—Chas Roy-Chowdhury, head of tax, ACCA

Global accountancy body welcomes announcements about regulation and pensions

The Queen’s Speech today confirmed key legislation announced in the 2013 Budget.

Chas Roy-Chowdhury, head of tax at ACCA says: 'The 2013 Budget was explicit about the reforms needed to create economic growth, and to help businesses create jobs. For instance, in 2015, we will see the UK take on a corporation tax rate which will be one of the lowest in Europe, and the G20, at 20 per cent, from its current rate of 23 per cent. This will be a boost to business.

'The Queen’s Speech also mentioned the Government’s commitment to cutting excessive regulation on businesses, reducing red tape across a wide swathe of business regulations. Their policy of ‘1 in 2 out’, where if one policy is introduced, two are cut is a canny way to cut unnecessary regulation and ensure relevance. Diminishing the impact of regulation on business is important.

'We also welcome the change in National Insurance Contributions (NICs), announced in the Budget this year. This employment allowance cuts the first £2,000 from the employer’s bill. This is clearly a saving for business, large and small.' 

ACCA also comments today on the Government’s commitment to the introduction of a flat-rate state pension of £144 in today’s prices.

Chas Roy-Chowdhury adds: 'This announcement is a positive encouragement to long-term saving. The reform will have the advantage of bringing greater clarity for all about the level of state support they can expect when they retire. 

'Those individuals who have the resources to invest in supplementary pensions can then make the decision to do so if they wish. Another benefit of the reform is that the replacement of the complicated system of means-testing, which currently governs award of the pensions credit, will help ensure that everyone who is entitled to state support actually receives it.'

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For more information, please contact:

Helen Thompson, ACCA Newsroom
+44 (0)20 7059 5759
+44 (0)7725 498654
helen.thompson@accaglobal.com 

Chas Roy-Chowdhury, head of tax, ACCA
+44 (0)7710 707 516
chas.roy-chowdhury@accaglobal.com 

Notes to Editors

  1. ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. 
  2. We support our 154,000 members and 432,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 80 offices and centres and more than 8,400 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence. 
  3. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.